A group linked to Thai billionaire Charoen Sirivadhanabhakdi made a US$7.2 billion cash offer to take over Fraser and Neave Ltd, two weeks ahead of a crucial shareholder vote on Heineken NV\'s separate offer for F&N\'s key beer business.
The offer came after Thai Beverage PCL and TCC Assets, the vehicle linked to the billionaire, increased their combined stake in F&N to 30.36 per cent, according to a stock filing to the Singapore Exchange.
Under Singapore law, a bidder has to make a mandatory offer for a company if it buys a 30 per cent stake.
\"We believe the offer represents an opportunity for F&N shareholders to realise the value of their investment in cash and to make a complete exit from F&N,\" said Thapana Sirivadhanabhakdi, ThaiBev\'s president and chief executive officer, in a statement on Thursday.
The offer came after Thai Beverage PCL and TCC Assets, the vehicle linked to the billionaire, increased their combined stake in F&N to 30.36 per cent, according to a stock filing to the Singapore Exchange.
Under Singapore law, a bidder has to make a mandatory offer for a company if it buys a 30 per cent stake.
\"We believe the offer represents an opportunity for F&N shareholders to realise the value of their investment in cash and to make a complete exit from F&N,\" said Thapana Sirivadhanabhakdi, ThaiBev\'s president and chief executive officer, in a statement on Thursday.